There was a time when re-listing a property in Toronto was rare. With the city usually facing a “chronic undersupply of inventory,” buyers had to compete fiercely for the limited housing options. However, this summer’s market tells a different story. Since April, there’s been a growing inventory of resale condo apartments. We’re now seeing a tilt towards a buyer’s market, especially in investor-heavy neighbourhoods. While prices haven’t dropped significantly, the increased inventory means some condos aren’t selling as quickly. This has led to a rise in re-listings as sellers attempt to attract buyers.

With interest rates predicted to drop further following cuts in June and July, we might see some of this inventory clear out as buyers return. However, some buyers may still hold out for even lower rates, potentially increasing the inventory of condos.

Given this context, re-listing has become more common than it has been in years. Here are three ways to re-list a property, and what works and what doesn’t.

The Simple Re-List

This method is used when a property with offers anytime doesn’t attract enough interest. After some time, the listing agent and seller decide to re-list the property, sometimes at a reduced price.

Re-listing can refresh your property’s presence on the MLS system, making it appear as a “new” listing to buyers who have automated searches set up. This can bring your property back to the forefront for active buyers and attract those just starting their search.

The downside? If you re-list at the same price, you might harm your listing. For example, if your condo is listed at $629,000 and you re-list at the same price, it signals inflexibility. It shows you aren’t adjusting to market feedback. Lowering the price can make your property more competitive, especially in a tough market. Just ensure your re-lists are consecutive without significant gaps between them.

Re-List After an Unsuccessful Offer Night

This strategy used to be frowned upon, but times have changed. Here’s how it works: A seller lists their property at a teaser price, hoping to spark competition and achieve a higher final price. If this strategy fails, they re-list the property closer to their desired price, usually higher than the teaser price.

For example, a property listed at $899,000 with an expected sale price of $1.05M might be re-listed at $1.1M if no acceptable offers come in. This switch in strategy—from a teaser price to an anytime offer—clarifies the seller’s expectations and can be more transparent for buyers.

The Staggered Re-List

Unlike the simple re-list, the staggered re-list involves a significant time gap between listings. Sellers might wait for a better market or make improvements to the property. For example, a seller might cancel a spring listing and re-list in the fall.

However, this approach may signal to buyers that you’re testing the market. It’s usually better to avoid multiple staggered re-lists. Doing so might make you seem stubborn or flaky, which can deter serious buyers.

Final Thoughts

Re-listing can be an effective strategy, but it must be done correctly. Each re-list communicates your perception of your property and your response to market conditions. Buyers and their agents will judge how seriously to take you based on how you handle re-listing. While re-listing can rehabilitate a stale listing, ignoring market feedback and leaving a property unsold for months can make it appear unattractive to serious buyers. Take the hint and adjust accordingly!